Disney Is Still The Mouse That Roars!
I just reported on Disney earnings, and once again it's double digit earnings growth for the mouse house. Disney beat analyst expectations, reporting 42 cents a share, excluding a tax benefit. It was across-the-board growth: strong performance in the media networks--operating income in the division up 23 percent--driven by ESPN and the Disney Channel, especially overseas.
ABC's performance faced tough comps to the fourth quarter of last year, but broadcasting income was up for the year. Regardless of concerns about consumer spending, the parks and resorts division was very strong, with operating income up for the year and the quarter, with more guests in the parks, and them spending more and more. The weak dollar has got to be helping international attendance.
And Disney's movie division is going great guns. DVD sales are up on "Pirates of the Caribbean," "Cars," and even the re-release of "Little Mermaid." And the theatrical division faced tough comps (this quarter last year Pirates II came out), but performance was strong--I'm personally a huge fan of "Ratatouille," which performed well, and is bound to be huge on DVD.
Bob Iger has been on fire since he became CEO of Disney. Not a single down quarter under his leadership. Now, all eyes will be on whether there will be impact from the strike. And Disney doesn't give too much guidance, but it appears the company is still on track for growth.
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